Sen. Elizabeth Warren expressed concerns that the TB Bank Group settlement, which included over $3 billion in fines, didn't hold corporate executives accountable for large-scale money laundering.
Warren emphasized that the bank acted as a "criminal slush fund", stating that both the bank and its executives managed to avoid the full penalties available to Congress.
The senator pointed out that unless executives face consequences, banks will continue to treat enforcement fines as a cost of doing business, undermining compliance with money laundering laws.
Warren's letter highlighted the alarming failure of TD's anti-money-laundering controls that permitted over $670 million to be laundered, including profits from fentanyl trafficking.
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